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I applied via Campus Placement and was interviewed in Mar 2022. There were 4 interview rounds.
General questions 60 questions for 60 mins
AML/KYC refers to Anti-Money Laundering and Know Your Customer regulations that financial institutions must comply with.
AML/KYC regulations are designed to prevent money laundering and terrorist financing.
Financial institutions must verify the identity of their customers and monitor their transactions for suspicious activity.
Examples of suspicious activity include large cash deposits, frequent international transfers, ...
Assurance associate is responsible for ensuring accuracy and compliance of financial statements and reports.
Assist in audits and reviews of financial statements
Evaluate internal controls and identify areas for improvement
Ensure compliance with accounting standards and regulations
Communicate findings and recommendations to clients
Examples: PwC Assurance Associate, EY Assurance Associate
I have X years of experience. Anti-money laundering refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
I have X years of experience in the field of anti-money laundering.
Anti-money laundering (AML) is a set of laws, regulations, and procedures designed to prevent the illegal generation of income.
AML is intended to prevent criminals...
I applied via Company Website and was interviewed in Nov 2021. There was 1 interview round.
Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.
Audit is a process of evaluating the financial statements of an organization to ensure their accuracy and reliability.
It involves examining the records, operations, and performance of an organization to identify any discrepancies or irregularities.
The purpose of an audit is to provide assur...
Accrued income is income that has been earned but not yet received or recorded in the accounting books.
Accrued income is recognized as a current asset on the balance sheet.
It is recorded through an adjusting entry, which debits an accrued income account and credits the corresponding revenue account.
Examples of accrued income include interest on investments, rent, and services rendered but not yet billed.
Accrued income ...
Prepaid expenses are expenses paid in advance and recorded as assets until they are used or consumed.
Prepaid expenses are initially recorded as assets on the balance sheet
As the prepaid expense is used or consumed, it is recognized as an expense on the income statement
The entry for prepaid expenses is a debit to the prepaid expense account and a credit to the cash account
Examples of prepaid expenses include rent, insur
GAAP stands for Generally Accepted Accounting Principles and is a set of accounting standards used in the US.
GAAP is a set of guidelines for financial reporting that ensures consistency and transparency in financial statements.
It includes principles for revenue recognition, expense recognition, and asset valuation.
Examples of GAAP include the matching principle, which requires expenses to be recognized in the same peri...
Debit and credit are two sides of an accounting transaction. Debit refers to an entry on the left side of an account, while credit refers to an entry on the right side of an account.
Debit is used to record an increase in assets or a decrease in liabilities or equity.
Credit is used to record a decrease in assets or an increase in liabilities or equity.
Debit and credit must always balance in an accounting transaction.
For...
Depreciation is the allocation of the cost of an asset over its useful life.
Depreciation is a non-cash expense that reduces the value of an asset over time.
It is recorded as an expense in the income statement and reduces the net income.
There are various methods of depreciation such as straight-line, declining balance, and sum-of-the-years-digits.
Depreciation is important for accurate financial reporting and tax purpose...
I applied via Campus Placement and was interviewed before Oct 2021. There were 4 interview rounds.
Topics may vary for the aptitude test from candidate to candidate. For me, this test was comprised of only two subjects i.e, Accounts and English. Both the paper was subjective and the duration was about an hour.
There are two main sets of accounting rules: GAAP and IFRS.
Generally Accepted Accounting Principles (GAAP) are used in the United States.
International Financial Reporting Standards (IFRS) are used in many other countries.
GAAP and IFRS have some differences in their rules and guidelines.
There are also industry-specific accounting rules, such as those for healthcare or real estate.
Overall, there is no set number of accou...
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I applied via Referral and was interviewed before Dec 2021. There were 4 interview rounds.
Ernst & Young interview questions for designations
I applied via LinkedIn and was interviewed in Apr 2021. There were 4 interview rounds.
A journal entry of accrued interest is recorded to recognize interest expense that has been incurred but not yet paid.
Accrued interest is a liability account that represents the amount of interest expense that has been incurred but not yet paid.
The journal entry for accrued interest involves debiting the interest expense account and crediting the accrued interest payable account.
For example, if a company has incurred $...
Provision is an amount set aside for a specific purpose or expense.
Provision is a financial term used in accounting.
It is an amount set aside for a specific purpose or expense.
Provisions are made to cover future expenses or losses.
Examples include provisions for bad debts, warranties, and taxes.
Provisions are recorded as liabilities on the balance sheet.
They are adjusted over time based on changes in circumstances.
Prov...
Audit risk is the risk that an auditor may give an inappropriate opinion on financial statements.
It is the risk that the auditor may miss material misstatements in the financial statements.
It is the risk that the auditor may give an incorrect opinion on the financial statements.
It is the combination of inherent risk, control risk, and detection risk.
The auditor must assess and manage audit risk to provide reasonable as...
Audits ensure financial statements are accurate and reliable.
To provide assurance to stakeholders that financial statements are accurate and reliable
To comply with legal and regulatory requirements
To identify and mitigate financial risks
To improve internal controls and operational efficiency
To enhance credibility and reputation of the organization
Example: Auditing a company's financial statements to ensure compliance w...
Get interview-ready with Top Ernst & Young Interview Questions
I applied via Recruitment Consultant and was interviewed in Jan 2021. There was 1 interview round.
Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
Deferred tax is calculated using the tax rate that is expected to apply when the asset is realized or liability is settled.
Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.
If accounting income is greater than taxable income, a deferred tax liability is create...
Covid's impact on business and reporting considerations for Assurance Associate
Consider the impact of Covid on the business's financial statements
Assess the impact on revenue, expenses, and cash flows
Evaluate the adequacy of disclosures related to Covid in the financial statements
Consider the impact of Covid on internal controls and the audit process
Assess the going concern assumption in light of Covid
Consider the impa...
I applied via Campus Placement and was interviewed in Feb 2021. There were 6 interview rounds.
I applied via Campus Placement and was interviewed before Aug 2021. There were 5 interview rounds.
It majorly includes basic quant, data interpretation and logical reasoning. And some basic excel formulae too.
Excel shortcut formulae
Use Ctrl + D to copy the formula down a column
Use Ctrl + R to copy the formula across a row
Use F4 to toggle between absolute and relative references
I applied via Recruitment Consultant and was interviewed in Apr 2018. There were 4 interview rounds.
I was interviewed before Sep 2016.
Some of the top questions asked at the Ernst & Young Assurance Associate interview -
based on 2 interviews
4 Interview rounds
based on 76 reviews
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